RUSSIA

The Hong Kong delegation will travel to the north eastern Chinese mainland province of Heilongjiang and Vladivostok, the capital of Russia’s Far East, to examine potential partnerships under China’s Belt and Road Initiative. More

The Russian economy, dragged by soft oil and commodity prices, a tumbling ruble as well as big interest rate hikes, has remained in a dire situation. Weak domestic consumption following the sharp currency depreciation and sliding investment, aggravated by the continued economic damage from the Kremlin’s standoff with the West over Ukraine and the intensification of sanctions and countersanctions, has been a major culprit of the setback. More

From a regional perspective, the Russian Far East plays a complementary role to Asia as the region is rich in resources but lacks in light consumer goods such as electronics and textiles. Indeed, a strong connection between Hong Kong and the Russian Far East is evident from the visa-free travel arrangement and the recent introduction of direct flights between Hong Kong and Vladivostok. It is likely that Hong Kong’s role as a platform to the Russian Far East will strengthen. More